Published in Mint on Oct 13 2016, Written by Abhishek Bondia I was promised double returns with additional benefits after 3 years, over the phone, while buying an insurance policy. But when I asked for the returns after 3 years, the company denied as the documents I had signed did not promise it. They […]
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Insurers charge an extra premium equal to the out-patient department cover provided
Published in Mint on Oct 06 2016, Written by Abhishek Bondia Is there any health cover which covers medical tests as well, or is it only for hospitalisation? I need to do medical tests on a regular basis due to diabetes. —Arjun Singh There are several health insurance plans that provide outpatient (OPD) cover. […]
You can use a single e-insurance account to hold all your policies
Published in Mint on Sep 29 2016, Written by Abhishek Bondia Can a policyholder have multiple e-insurance accounts if he has insurance policies issued by various insurers? —Nitin Sharma Every investor should have only a single e-insurance account. Using one account, you can store multiple insurance policies issued across various insurers. The purpose of a […]
Borrower’s insurance is not mandatory. IRDAI does not require you to buy any insurance for loan purposes
Published in Mint on Sep 06 2016, Written by Abhishek Bondia What is covered in borrower’s insurance? I have read that it should cover accidents, critical illness, death and loss of job.What are the Insurance Regulatory and Development Authority of India (IRDAI) norms for this? If a bank grants home loan to a salaried person, […]
Old term insurance plans can be revived by paying unpaid premiums
Published in Mint on Aug 30 2016, Written by Abhishek Bondia What is a life annuity cover? Is it a good option for a life insurance plan? —Rajbir Singh In a life annuity plan, annuity payments continue till the death of the person covered, irrespective of age. There are several forms of annuities available. In […]
You can challenge the rejection of a health insurance claim
Published in Mint on Aug 23 2016, Written by Abhishek Bondia Reports from the pre-issuance medical test and doctors’ consultation are expected to identify pre-existing ailments My mother, 52, has been diabetic for the past 5-6 years. She has a family floater health insurance and I am the sponsor. Her condition was declared at the […]
Standard fire policy covers a house and its contents
Published in Mint on Aug 9 2016, Written by Abhishek Bondia Can I insure the furnishings of my new house? How does it work? —Monisha Burman Yes, you can insure the furnishings of your new house under your home insurance policy. The standard fire and special perils policy covers the building as well as its […]
Joint term life policies offer limited advantages
Published in Mint on Aug 2 2016, Written by Abhishek Bondia I am getting married soon. My to-be wife plans to get a term plan after the marriage. Should I buy a combined cover then or an individual plan now? —Ravi Saxena You should buy an individual term life plan now and not wait to buy […]
Underwriting practices vary across insurance companies
Published in Mint on July 26 2016, Written by Abhishek Bondia Can a dent on the car be reason enough for not giving it insurance coverage? My car’s insurance is due for renewal and they are asking me to fix the dent on my own. —Rakesh Sundria Underwriting practices vary across insurers. However, it is […]
Term plan’s sum assured must be at least 10 times annual income
Published in Mint on JUL 05 2016, Written by Abhishek Bondia What are the main things to check when selecting a life insurance policy? I am 31 years old and married. —Rajneesh Sharma The two most important factors to consider in a life insurance policy are the insurer’s claim settlement track record and the sum […]